Kofi Ahovi

By Fred SARPONG The Africa Adaptation Project (AAP) office in Ghana, in collaboration with stakeholders in agriculture, education, and health, among others, is to develop a checklist to measure the impact of climate change in every sector of Ghana’s economy. Winfred Nelson, AAP Ghana Project Manager, disclosed this to BusinessWeek in an interview in Accra last week. According to him, hopefully by the end of this June the AAP will choose the consultant and sign the contract. “The consultant will develop the terms of reference before they start work. By end of June it will be ready,’ he added. Jonathan Azasoo, of National Development Planning Committee (NDPC), on his part, said, ‘As a lay person, we hear of climate change and we all speak climate change, but specifically we don’t know what to look out for when talk about climate change. We normally predict when it is going to be rainfall, but what are the things to look out for and to say that these are due to climate change?’ He ...

BY: JAMES DEKU The Minister of Finance and Economic Planning, Dr. Kwabena Duffuor, has disclosed that whilst fiscal performance has met all the quantitative targets set for the first quarter this year, the main risk to the economy is the payment of public sector wages arising from the implementation of the Single Spine Salary Structure (SSSS). Speaking at the 2012 Multi-Donor Budget Support (MDBS) and consultative group annual meeting, the minister however hinted that government has embarked on a payroll audit with the prospects of making some savings to help reduce the public sector wage bill by the end of the year. The minister who expressed government‘s gratitude to development partners for accepting the MDBS and consultative group meetings as important process to guide and shape partnerships, indicated that Ghana, like many other developing countries, was not immune to the impact of the global financial and economic crisis and the associated slowdown in global economic activiti...

Customers flying to Istanbul, Turkey, have started experiencing the newly refurbished British Airways short haul Boeing 767, featuring a stylish new interior. The aircraft was the first of the seven-strong fleet of short haul Boeing 767s to be transformed with upgraded interiors, as part of a multi-million pound programme to enhance customers’ experience. British Airways’ customers will be able to travel in greater comfort, thanks to aircraft with refurbished sidewalls, bulkheads and toilets, new carpets and curtains, as well as recessed ceilings with larger overhead lockers allowing extra luggage space and new lighting throughout. All Club Europe seats have been given new cushioning and dark blue leather seat covers, to increase their comfort. Customers in Euro Traveller will be able to enjoy sitting in new, more comfortable seats, similar to those found on British Airways’ new Boeing 777-300ERs. Short haul Boeing 767s will also feature new sleek new overhead 15 inch ...

By Kofi AHOVI Preliminary data shows that Ghana has recorded a narrow budget deficit of GH¢2.4 billion for the first five months of this year. The deficit, together with a net foreign loan repayment of GH¢119.7 million, created a resource gap of GH¢2.5 billion, which was financed from domestic sources. The banking sector financed 58.9% of the deficit, with the non-bank sector financing the remaining 41.1%. The data from Bank of Ghana shows that the country’s total expenditure for the same period amounted to GH¢7.5 billion, representing a year-on-year growth of 44.9%. Of this, statutory payments amounted to GH¢5.4 billion, comprising mainly of wage-related payments of GH¢4 billion and discretionary payments of GH¢2.1 billion, representing 38.9% of total payments. Meanwhile, total revenue and grants recorded for the period was GH¢5.1 billion, representing a year-on-year growth of 34.5%. Total tax revenue was GH¢4.4 billion, 46.3% higher than the outturn of GH¢3 billion recorded d...

By Kofi Ahovi A Credit Conditions survey conducted by the Bank of Ghana in May this year indicates that universal banks have tightened their credit stance for both enterprises and households. This, according to the survey, was as a result of an increase in cost of funds, strict collateral requirements and inflation expectations. This notwithstanding total private sector credit increased by 37.4% on an annual basis to GH¢9.3 billion in April 2012. This compares favourably to a growth of 17.3% in the same period of 2011. In real terms, private sector credit growth was 25.9%. Meanwhile, total assets of the banking industry increased by almost 21%, on year-on-year basis, to GH¢23.2 billion in April 2012. The growth in assets was funded mainly by deposits, which went up by 29.1% to GH¢16.9 billion, and net worth which recorded a 20.8% growth to GH¢3.1 billion. Of the total net worth, GH¢206 million was from bank recapitalization. The financial soundness indicators of the banking ...

Former Chief Executive Officer of United Bank for Africa, UBA, Tony Elumelu last week in Accra recommended that with the current state of growth on the continent, Africa needs more entrepreneurs to take over the mantle of leadership in the various African countries. TOE; as he is affectionately called was speaking at the launch of a book on entrepreneurship authored by Nutifafa Kuenyehia titled “Kuenyehia on Entrepreneurship”. In transforming the entrepreneurship mentoring in his country, he has ordered for copies to be supplied to the Tony Elumelu Foundation in Nigeria to be used as a reference guide in their activities in order to understand and digest issues relating to developing oneself as an entrepreneur. He therefore called on the UBA management members across Africa to get copies of the book on their shelves, as part of the entrepreneurship learning processes being undertaken in various African countries which have UBA representation. According to Elunmelu, UBA posted, fo...

1. Always Motivated Everyone knows that you need motivation and drive to be successful in life. However, it is important to remember that when you are running a small business you need to be able to not only motivate yourself, but motivate your employees as well. 2. Goal Oriented Successful business owners are goal oriented, they know what they want to achieve and how long it will take them to get there. Additionally, having clear goals for both yourself and your employees will help keep everyone motivated. 3. Time Management When you own a small business, time equals money. If you want your business to be a success you will need to understand time management, and be able to plan how to best utilize your own time and the time your employees are on the clock. 4. Money Management In addition to managing time, as a small business owner you also need to properly manage your money. Although money should not be the only reason you open a business, you need to be able to judge what...

Stanbic Bank Ghana has launched a campaign to get new customers into its savings fold and ultimately be financially independent. Apart from the free GHc100.00 reward for both existing and new customers, the package is also encouraging customers to enhance their savings and earn attractive monthly interest on it. The campaign launched under the name Contract Save or Puresave account, allows the bank to credit the account with GhC100 under which customers are required to grow their savings account with a minimum of GHC50 every month for the next 24 months to earn the reward. At the launch of the campaign last week, Alhasan Andani, managing director of the bank noted that the adoption of a culture of regular savings is a useful economic practice all over the world since it serves as a reliable source of funding for economic development. “Stanbic Bank wants to support the entrenchment of a savings habit in the country and we are happy about the support shown by our partners in this ...

A consultative meeting to prepare a spatial development framework for Kumasi metropolis and six adjoining districts to effectively tackle the growing urbanization challenges has been held in Kumasi. Ejisu-Juaben, Kwabre East, Atwima-Kwanwoma, Bosomtwe, Atwima-Nwabiagya and Afigya-Kwabre are the other districts. The project, known as Greater Kumasi, is the initiative of the Ghana Government with technical and financial support from the Japanese International Cooperation Agency (JICA). To ensure its success, a former Ashanti Regional Director of Town and Country Planning Department, Kofi Owusu Achaw, says there should be in place institutional and management structures to oversee the implementation of the comprehensive urban development plan. He identified the lack of these structures as the bane of effective urban development planning efforts in the country. Owusu Achaw said the need for a comprehensive, coordinated plan for Kumasi and its environs had been recognized many years...

Ghana Netherland Chamber of Commerce and Culture (GHANECC) last week organized a joint business cocktail with the Delegation of German Industry & Commerce in Ghana. The programme was well attended by senior executives from the German, Dutch and Ghanaian Business communities. Companies present included; The Royal Senchi, Energiebau Sunergy, GIZ, Lufthansa, Law Matters, BOA Gh Ltd, Rainbow Transport, CEIBS, Agro Eco, Diagnostic Centre, Kwatsons Ltd, GTP, Procredit, Jubilee Tours, Goodison Trucks, De Vere Group, SAS Ghana Ltd, Cargill Gh Ltd, Rarity Ltd, Ducomas, Airtel Ghana, etc. The event was held at the Terrace of the Holiday Inn Hotel, Airport- Accra and proudly sponsored by Allianz Insurance Ghana Ltd.

By news desk The Independent Presidential Candidate for the 2012 general elections, Jacob Osei Yeboah, has bemoaned the recent development in the country’s economy and subsequently advised the government to sit up. Speaking to BusinessWeek, Yeboah, observed that the rate at which the national currency was depreciating was alarming, and the “Government must take pragmatic measures to address the situation”. He added that policy measures should be taken to make Cedi assets more attractive to hold. However, he urged the Bank of Ghana to tread cautiously with regards to the closure of all foreign deposit accounts as well as its instruction that a 2% per annum charge be levied on all foreign deposit bank accounts in the country. The Bank of Ghana was reported to be considering the adoption a policy that will deny private individuals and some corporate institutions, the opportunity to open and maintain foreign accounts with banks in the country. But a release issued by BoG’s Public ...

Delta Air Lines has awarded two return tickets to Washington, DC for the winner of the national Spelling Bee competition, Philemon Awan. The 12 year old Awan accompanied by his coach Evangeline Bortey, will travel to the U.S. to participate in the international finals. “We congratulate Philemon for winning the competition in Ghana,” said Bobby Bryan, Delta’s commercial manager for West and East Africa, “This activity forms part of our support for education locally and highlights our continued investment in Ghana.” Delta recently launched an Energy and Mining Desk to serve the special needs of the Oil and Gas industry in the country. Also, it introduced its full flat-bed Business Elite seats on all in it flights between Accra and the U.S besides pre-financing the construction of two new boarding gates at Accra Kotoka Airport to improve airport facilities. Delta Delta Air Lines serves more than 160 million customers each year. During the past year, Delta was named domestic “Airline...

The Bank of Ghana’s has denied media reports that it has directed the closure of all foreign deposit accounts and has instructed that a 2% per annum charge be levied on all foreign deposit bank accounts in the country. The Bank of Ghana is reported to be considering the adoption a policy that will deny private individuals and some corporate institutions, the opportunity to open and maintain foreign accounts with banks in the country. But a release issued by BoG’s Public Relations Directorate last week assured the general public and all stakeholders that the Bank of Ghana has not taken any such decision. “The recent policy measures taken by the Bank are intended to make Cedi assets more attractive to hold. It has been observed that the measures are beginning to have the desired effect on the Cedi”, the statement noted. “The Bank of Ghana therefore wishes to assure the general public and all stakeholders that it is committed to ensuring the stability of the Cedi”.

By Fred SARPONG The Africa Adaptation Project (AAP) office in Ghana, in collaboration with stakeholders in agriculture, education, and health, among others, is to develop a checklist to measure the impact of climate change in every sector of Ghana’s economy. Winfred Nelson, AAP Ghana Project Manager, disclosed this to BusinessWeek in an interview in Accra last week. According to him, hopefully by the end of this June the AAP will choose the consultant and sign the contract. “The consultant will develop the terms of reference before they start work. By end of June it will be ready,’ he added. Jonathan Azasoo, of National Development Planning Committee (NDPC), on his part, said, ‘As a lay person, we hear of climate change and we all speak climate change, but specifically we don’t know what to look out for when talk about climate change. We normally predict when it is going to be rainfall, but what are the things to look out for and to say that these are due to climate change?’ He ...

By Fred SARPONG Trimble Navigation Limited has officially opened its West Africa Regional office in Accra to expand its presence in the sub-region. The office, opened last week, will focus on expanding and enhancing Trimble’s collaboration with regional stakeholders, including local distribution partners to enable the company to provide better service, support and training for customers in the region. In addition, Trimble has added dedicated resources in its funded projects and emerging markets group to engage in multi-lateral development funded projects that can benefit from Trimble’s solutions. Over the last five years, Trimble has worked on contracts funded by the Millennium Challenge Corporation (MCC), the World Bank, as well as African federal, national and state agencies, to provide GNSS receivers and reference stations, total stations, digital levels and a variety of other solutions for African development projects. ‘The opening of the Ghana office is an important extensi...